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bobliocatt

St. Johns Point project grows!

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Last month, the DRC asked the developers of St. Johns Point to go back to the drawing board. Now they have return with a larger project that will include 4 towers (36,33,30 & 15 stories), 840 residential units, 115,000sf of office space, 107,000sf of retail space and a 150 slip marina. Controlling interests have also been taken over by a national developer, out of metro Detroit, called Crosswinds Communities, who have already purchased the land from Alexander Trust for more than $40 million. The project's engineers predict that construction will begin in summer 2007 and be complete by summer 2009.

Btw, the article mentions that committee members also conditionally approved plans for the 118 unit Metropolitan Apartment Homes and conceptually approved plans for Lee and Cates Corporate Headquarters, both of which, will include office and retail space.

http://www.jacksonville.com/tu-online/stor..._19909892.shtml

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:w00t: That is awesome news!!

So am I correct to understand that this will not be phased? Are they in fact going to complete the entire development in 2 years after groundbreaking?

If this project follows through and doesn't get wrapped up in red tape, this will surely be the largescale boost the northbank has been waiting on.

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If this project follows through and doesn't get wrapped up in red tape, this will surely be the largescale boost the northbank has been waiting on.

Indeed, this is huge. It's a shame that it's not scheduled to start for almost another two years (which will probably turn into 3, or 4 years). I share asonj23's concerns about red-tape ... but until that dissapointing day, I'll keep holding out hope for a prompt June 07 groundbreaking! :)

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This is great news. :D I love the fact that they have some deep pockets behind them now - this always bodes well for a successful effort. As to the timetable, if you look back at the history behind the Peninsula/Strand, I know they announced that project more than two years ago and they are just now constructing it. So, this doesnt really seem out of line for such a large scale deal. The bottom line is it takes a long time to put such a massive deal together between obtaining financing, pre-selling units, getting regulatory approval, etc. I do wish the city would help to eliminate some of the red tape though and I think they are working on this with the elimination of the DDA as a separate agency whose approval is needed to go forward.

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Wonderful news indeed. I'm really glad to see an additional building added to the project. While they did not say that the project would be phased, they also didn't say they wouldn't phase it. I can't imagine that all three residential buildings would go up at once.

This will also put pressure on Landmar to start their Shipyards project. Speaking of which, there still has not been any mention of this project (St. Johns Point) asking for incentives. Hopefully, that means the developers don't plan to request any. If so, that reinforces my belief that the city gave too much in incentives to Landmar for The Shipyards.

Also, this quote provides support that Toll Brothers didn't overpay for the land they bought from JEA on the Southbank. At the time, many locals expressed surprised at the $40mm that Toll Brothers agreed to pay.

He declined to disclose the purchase price, but said an independent appraiser had valued the land, which is located on Adams Street near Alltel Stadium, at more than $40 million. The exact purchase price will become public when it's recorded with the Duval County Clerk of Courts.

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Lake, remember that project list update you posted that had the error regarding the story count for this project? I just love irony. Perhaps you should falsely state that the Riverpointe towers will be 800 ft, 60 story towers and see if the trend can continue, hehe.

Great news in so many ways here. They didn't say they wouldn't phase or ask for incentives but typically those details are mentioned rather quickly and neither have been touched upon leading one to speculate they will not be phased nor request incentives. Hopefully we'll learn more regarding this soon.

It's about time the North Bank started picking back up.

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Don't count on too many details. My "connection" tells me they want to flip it to someone else already. Anyone have around 60 million laying around and feel like a project?

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You're connection was right, they flipped it to Crosswind Communities, a developer out of Michigan, a couple of weeks ago. The Business Journal is late. (Check out the first post of the thread)

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So...

I assume that the St. Augustine group paid 19.8mm to the Foundation, and then sold it to Crosswinds for 40mm.

Not a bad profit on a two week investment.

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So I guess the project has been 86d?

By the way, I seriously doubt that land is worth 40 million, but a fool and his money are soon parted. Wouldnt be the first Yankees to lose money on Florida real estate. :lol:

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Well the land isn't worth 40 million or even 60 million if it's flipped again. These folks are really paying for what can be built on the land. If it's approved for say 800 units, they pay for the opportunity to build those units. Say, if 800 units are approved and they pay 40 million for the land, that comes to paying 50K per unit in land costs. Then they facor in cost per unit to build the towers. Then, when they charge 300K for a starter unit and million dollar ranges for upper floors and penthouses........you see how the 40 million seems rather small vs what they're gonna make if it's successful.

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Good points jchip. If they can go forward and be successful with a large scale development, they can make money. Ultimately they will have to flip it to someone who intends to do something for us to see progress on the site. I personally think the site is a little poorly located (despite its riverfront setting) in that it doesnt really interact with anything else and is pretty far from downtown proper. And, given the history of the Shipyard, it may be tough to sell units there.

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I think the site is probably better than the Shipyards site, mainly because there's no huge coffee plant or county jail across the street. Its a little far from the Northbank core, but its next to Metropolitan Park, Alltel Stadium and the river. With three towers over 30 stories tall, many of the units will offer breathtaking skyline, river and ball game views. The retail uses will also benefit from having office and residential use in the same complex and the weekend crowds at the sports complex.

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